** Shares of therapy developer Neurogene fall 46.9% to $37.99 aftermarket
** Co says it does not expect to move forward with the development of its gene therapy for Batten disease
** Says the decision was made after the FDA denied co's Regenerative Medicine Advance Therapy (RMAT) application to the FDA for the gene therapy
** A therapy is eligible for RMAT designation if it is used for treating a serious or life-threatening disease or condition and if preliminary clinical evidence shows the therapy has potential to address unmet medical needs
** Co says it is currently evaluating options for the developmental program
** Batten disease is a rare, inherited, and fatal disorder that affects the nervous system
** Up to last close, stock up more than double YTD
(Reporting by Christy Santhosh)
((Christy.Santhosh@thomsonreuters.com))
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